Kestra Private Wealth Services LLC Grows Stock Position in The Progressive Co. (NYSE:PGR)

Kestra Private Wealth Services LLC lifted its holdings in The Progressive Co. (NYSE:PGR) by 49.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,605 shares of the insurance provider’s stock after purchasing an additional 5,171 shares during the period. Kestra Private Wealth Services LLC’s holdings in Progressive were worth $3,739,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Versant Capital Management Inc increased its stake in shares of Progressive by 98.2% in the 4th quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider’s stock valued at $189,000 after purchasing an additional 391 shares in the last quarter. Townsquare Capital LLC increased its stake in shares of Progressive by 90.9% in the 3rd quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider’s stock valued at $1,983,000 after purchasing an additional 3,720 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Progressive by 7.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock valued at $1,286,036,000 after purchasing an additional 330,667 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Progressive by 2,262.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 433,999 shares of the insurance provider’s stock valued at $103,990,000 after purchasing an additional 415,628 shares in the last quarter. Finally, Nordea Investment Management AB increased its stake in shares of Progressive by 30.5% in the 4th quarter. Nordea Investment Management AB now owns 1,069,697 shares of the insurance provider’s stock valued at $255,882,000 after purchasing an additional 249,958 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the subject of several recent analyst reports. Barclays cut their price target on Progressive from $277.00 to $261.00 and set an “equal weight” rating for the company in a research note on Monday, January 6th. HSBC cut Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective on the stock. in a report on Tuesday, December 10th. Keefe, Bruyette & Woods lowered their price objective on Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. JPMorgan Chase & Co. lifted their price objective on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a report on Friday, January 3rd. Finally, TD Cowen lifted their price objective on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a report on Friday, November 8th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $275.71.

Progressive Trading Down 0.4 %

PGR opened at $249.61 on Tuesday. The Progressive Co. has a one year low of $180.72 and a one year high of $270.62. The stock has a market capitalization of $146.22 billion, a PE ratio of 17.33, a P/E/G ratio of 0.64 and a beta of 0.42. The business’s 50 day moving average price is $245.24 and its 200 day moving average price is $246.02. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. As a group, equities research analysts expect that The Progressive Co. will post 14.44 EPS for the current year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s dividend payout ratio is presently 2.78%.

Insider Buying and Selling at Progressive

In other Progressive news, insider Lori A. Niederst sold 3,855 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $247.06, for a total value of $952,416.30. Following the sale, the insider now owns 39,040 shares of the company’s stock, valued at $9,645,222.40. The trade was a 8.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $268.09, for a total value of $2,680,900.00. Following the completion of the sale, the chief financial officer now directly owns 292,958 shares in the company, valued at approximately $78,539,110.22. The trade was a 3.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 56,361 shares of company stock valued at $13,983,575 over the last quarter. 0.34% of the stock is owned by company insiders.

Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.